Barclays Accelerator chooses 11 financial services start-ups to mentor

Eleven financial start-ups have been taken under the wing of the Barclays Accelerator three-month programme, which is being run in partnership with global business accelerator TechStars.

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Eleven financial start-ups have been taken under the wing of the Barclays Accelerator three-month programme, which is being run in partnership with global business accelerator TechStars.

More than 300 companies from almost 50 countries worldwide applied for one of the 11 places on the programme. The winning ideas range from an alternative to pay day loans, to a next generation credit scoring system, to a peer-to-peer funding platform for real estate.

Over the next three months, they will be guided through the process of growing and developing their businesses and will receive expert mentoring and advice from notable FinTech entrepreneurs, Barclays executives and the Techstars accelerator programme. Each of the teams will also receive $20,000 (£12,000) seed funding from Techstars.

Based at the Barclays Escalator start-up support site in east London, the teams will be able to network.

Derek White, Barclays Chief Design Officer, [email protected] “Emerging technologies will transform our industry with many of the technologies surfacing from the start-up ecosystem. Barclays is partnering with start-ups to create and shape the fabric of the entrepreneur ecosystem and our Accelerator is a clear demonstration of that partnership in action."

David Brown, president of Techstars: “This is our first vertical accelerator in Europe, with a tremendous global brand like Barclays and in a space as hot as FinTech.”

Over the next three years, Barclays and Techstars have committed to working together to offer six different accelerator programmes, this being the first.

The first 11 start-ups:

Aire - Enabling financial access for consumers through a next generation credit scoring algorithm (London)

ClauseMatch – Providing a cloud platform for matching and negotiating master agreements for trading over-the-counter derivatives and commodities (Arundel, UK)

Crowdestates – Creating a peer-to-peer secured lending platform for residential mortgage deposits (London)

DoPay – Providing financial access to people through their corporate payroll service (Utrecht, Netherlands)

Gust Pay - Making music festivals more cashless using NFC wristbands and smartphone apps (Cape Town, South Africa)

Katalysator – Providing an in-store experience and payments platform, making it possible to send targeted messages to shoppers based on proximity to products (Stockholm, Sweden)

Market IQ - Providing actionable intelligence for investment professionals based on both structured (company financials) and unstructured datasets (social media, news, blogs) (Seattle, US/Toronto, Canada)

NoviCap – Enabling businesses in credit tight markets to quickly access growth financing by auctioning their outstanding invoices to investors (Barcelona, Spain)

Tryum – "Delivering the Oyster Card for the restaurant industry" – a simple, central way to manage loyalty and payments across multiple retailers (London)

Virtual View App – Providing augmented reality, together with interactive 360 degree images for social, retail and commercial use (London)

Wagevance - Providing an ethical and affordable alternative to payday loans, through wage-backed pay advances (London)

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